false00007465150000746515dei:FormerAddressMember2024-08-062024-08-0600007465152024-08-062024-08-06
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): August 06, 2024 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
(Exact name of Registrant as Specified in Its Charter)
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Washington |
001-41871 |
91-1069248 |
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
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Sterling Plaza 2, 3rd Floor 3545 Factoria Blvd SE |
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Bellevue, Washington |
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98006 |
(Address of Principal Executive Offices) |
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(Zip Code) |
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Registrant’s Telephone Number, Including Area Code: 206 674-3400 |
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1015 Third Avenue |
Seattle, Washington 98104 |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s) |
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Name of each exchange on which registered
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Common Stock, par value $0.01 per share |
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EXPD |
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New York Stock Exchange |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 6, 2024, Expeditors International of Washington, Inc., a Washington corporation, issued a press release announcing second quarter 2024 financial results. A copy of the press release is furnished as Exhibit 99.1 to this report.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) The following items are filed as exhibits to this report:
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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EXPEDITORS INTERNATIONAL OF WASHINGTON, INC. |
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Date: |
August 6, 2024 |
By: |
/S/ Bradley S. Powell |
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Bradley S. Powell, Senior Vice President and Chief Financial Officer |
Exhibit 99.1
![img147555614_0.jpg](https://www.sec.gov/Archives/edgar/data/746515/000095017024091438/img147555614_0.jpg)
EARNINGS RELEASE
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By: |
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Expeditors International of Washington, Inc. |
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Sterling Plaza 2, 3rd Floor 3545 Factoria Blvd. SE Bellevue, Washington 98006 |
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CONTACTS: |
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Jeffrey S. Musser |
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Bradley S. Powell |
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Geoffrey Buscher |
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President and Chief Executive Officer |
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Senior Vice President and Chief Financial Officer |
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Director - Investor Relations |
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(206) 674-3433 |
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(206) 674-3412 |
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(206) 892-4510 |
FOR IMMEDIATE RELEASE
EXPEDITORS REPORTS SECOND QUARTER 2024 EPS OF $1.24
SEATTLE, WASHINGTON - August 6, 2024, Expeditors International of Washington, Inc. (NYSE:EXPD) today announced second quarter 2024 financial results including the following comparisons to the same quarter of 2023:
•Diluted Net Earnings Attributable to Shareholders per share (EPS1) decreased 5% to $1.24
•Net Earnings Attributable to Shareholders decreased 11% to $175 million
•Operating Income decreased 10% to $224 million
•Revenues increased 9% to $2.4 billion
•Airfreight tonnage volume increased 15% and ocean container volume decreased 3%
"We continued to adapt well to another erratic quarter for our industry, which has been impacted by the rapid changes and imbalances in buy versus sell rates, particularly on exports out of Asia,” said Jeffrey S. Musser, President and Chief Executive Officer. “Air market capacity has been constrained by e-commerce demand, and ocean routing has been significantly disrupted by geopolitical events in the Red Sea, causing less frequent services due to blank sailings, longer transit times as well as port congestion. We have continued to adjust to the disruptions and uneven demand, keeping costs in check while we work to bring efficiency back in line with historical expectations.
“Air tonnage improved 15% year-over-year and 10% sequentially against Q1 2024, but buy rates outpaced increased sell rates, as international direct e-commerce demand from North Asia outweighed increased carrier capacity to accommodate this growth in demand. The air markets have further been impacted by manufacturing relocations. With respect to the ocean market, longer sailings due to insecurity on the Red Sea have largely lessened the benefits of any increased ocean capacity brought on this quarter. Even though ocean volumes increased for a second sequential quarter, buy rate increases outpaced higher sell rates.
“As we noted in the first quarter, our ability to see much beyond our day-to-day levels of activity remains challenging. While there are some signs of improving market conditions, there is much uncertainty with regard to demand, capacity, and pricing, not to mention unpredictable events with the potential to impact global shipping for days, weeks, or even longer. I am grateful for the customer-focused dedication of our workforce, particularly during these unpredictable times. We remain focused on keeping costs in check and are ready to pivot for whatever new challenges arise.”
Bradley S. Powell, Senior Vice President and Chief Financial Officer, added, “Expenses are still high compared to our 30% efficiency target (operating income as a percentage of revenue less directly related cost of transportation and other expenses), with compensation being our largest and most variable operating expense. We continue to focus on alignment of shipment activity with headcount. Once again, our primary area of increased headcount during the quarter compared to the same quarter last year was in information systems, as we add critical enhancements to further bolster our technology solutions, network and security. As we drive to achieve our efficiency target, we will
_______________________
1Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
continue to make important investments in people, processes and technology, as well as to invest in our strategic efforts to explore new areas for profitable growth.”
Mr. Powell also noted that the Company returned $205 million to shareholders in common stock repurchases and dividends during the second quarter of 2024.
Expeditors is a global logistics company headquartered in Seattle, Washington. The Company employs trained professionals in 176 district offices and numerous branch locations located on six continents linked into a seamless worldwide network through an integrated information management system. Services include the consolidation or forwarding of air and ocean freight, customs brokerage, vendor consolidation, cargo insurance, time-definite transportation, order management, warehousing and distribution and customized logistics solutions.
Disclaimer on Forward-Looking Statements:
Certain statements contained in this news release are “forward-looking statements,” based on management’s views with respect to future events and underlying assumptions that involve risks and uncertainties. These forward-looking statements include statements regarding inflation; fragile economies; continued growth in air and ocean carrier capacity and the impact on rates; unpredictability in the ocean and air markets, including uncertainty due to conflicts in the Middle East and Red Sea; new capacity in the marketplace; longer ocean transit times; strong e-commerce demand in the air market; and cautious shipper demand and variable rate stability. Future financial performance could differ materially because of factors such as: our ability to keep headcount and other costs in check while continuing to drive efficiency back towards our historical expectations; the alignment of our variable compensation structure with performance; our ability to enhance and bolster our network security; that management is able to grow the business and explore new areas for profitable growth; our ability to leverage the strength of our carrier relationships; the strength of our non-asset-based operating model; and our ability to remain a strong, healthy, unified and resilient organization. The normalizing of the supply chain at the end of the pandemic, along with geo-political risks and the current uncertainty in the global economy, could have the effect of heightening many of the other risks described in Item 1A of our Annual Report on Form 10-K, including, without limitation, those related to the success of our strategy and desire to maintain historical unitary profitability, our ability to attract and retain customers, our ability to manage costs, interruptions to our information technology systems, the ability of third-party providers to perform and potential litigation and contingencies, including risks associated with tax audits, as updated by our reports on Form 10-Q, filed with the Securities and Exchange Commission. These and other factors are discussed in the Company’s regulatory filings with the Securities and Exchange Commission, including those in “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and the Company’s most recent Form 10-Q. The forward-looking statements contained in this news release speak only as of this date and the Company does not assume any obligation to update them except as required by law.
_______________________
1Diluted earnings attributable to shareholders per share.
NOTE: See Disclaimer on Forward-Looking Statements in this release.
Expeditors International of Washington, Inc.
Second Quarter 2024 Earnings Release, August 6, 2024
Financial Summary for the three months ended June 30, 2024 and 2023 (Unaudited)
(in 000's of US dollars except share data)
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Three months ended June 30, |
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Six months ended June 30, |
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2024 |
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2023 |
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% Change |
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2024 |
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2023 |
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% Change |
Revenues |
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$ |
2,439,001 |
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$ |
2,239,752 |
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9% |
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$ |
4,645,679 |
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$ |
4,832,341 |
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(4)% |
Directly related cost of transportation and other expenses 1 |
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$ |
1,639,408 |
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$ |
1,419,183 |
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16% |
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$ |
3,072,688 |
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$ |
3,138,285 |
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(2)% |
Salaries and other operating expenses 2 |
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$ |
575,674 |
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$ |
572,072 |
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1% |
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$ |
1,134,296 |
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$ |
1,169,590 |
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(3)% |
Operating income |
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$ |
223,919 |
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$ |
248,497 |
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(10)% |
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$ |
438,695 |
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$ |
524,466 |
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(16)% |
Net earnings attributable to shareholders |
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$ |
175,469 |
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$ |
196,800 |
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(11)% |
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$ |
344,621 |
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$ |
422,811 |
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(18)% |
Diluted earnings attributable to shareholders per share |
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$ |
1.24 |
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$ |
1.30 |
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(5)% |
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$ |
2.41 |
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$ |
2.75 |
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(12)% |
Basic earnings attributable to shareholders per share |
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$ |
1.24 |
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$ |
1.31 |
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(5)% |
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$ |
2.43 |
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$ |
2.78 |
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(13)% |
Diluted weighted average shares outstanding |
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141,716 |
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151,563 |
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142,928 |
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153,516 |
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Basic weighted average shares outstanding |
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141,013 |
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150,435 |
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142,104 |
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152,291 |
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1Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.
2Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.
During the three and six months ended June 30, 2024, we repurchased 0.9 million and 3.9 million shares of common stock at an average price of $116.88 and $119.43 per share. During the three and six months ended June 30, 2023 we repurchased 6.0 million and 8.0 million shares of common stock at an average price of $114.61 and $113.23 per share.
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Employee Full-time Equivalents as of |
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June 30, 2024 |
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June 30, 2023 |
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North America |
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6,847 |
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7,154 |
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Europe |
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3,812 |
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3,946 |
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North Asia |
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2,238 |
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2,340 |
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South Asia |
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1,717 |
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1,731 |
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Middle East, Africa and India |
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1,391 |
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1,459 |
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Latin America |
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754 |
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765 |
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Information Systems |
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1,291 |
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1,247 |
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Corporate |
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413 |
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411 |
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Total |
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18,463 |
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19,053 |
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Second quarter year-over-year percentage increase (decrease) in: |
2024 |
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Airfreight kilos |
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Ocean freight FEU |
April |
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13% |
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(3)% |
May |
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15% |
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(3)% |
June |
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19% |
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(2)% |
Quarter |
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15% |
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(3)% |
Investors may submit written questions via e-mail to: investor@expeditors.com. Questions received by the end of business on August 9, 2024 will be considered in management's 8-K “Responses to Selected Questions.”
___________________________________
NOTE: See Disclaimer on Forward-Looking Statements in this release.
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except per share data)
(Unaudited)
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June 30, 2024 |
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December 31, 2023 |
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Assets: |
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Current Assets: |
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Cash and cash equivalents |
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$ |
1,271,853 |
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$ |
1,512,883 |
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Accounts receivable, less allowance for credit loss of $6,966 at June 30, 2024 and $6,550 at December 31, 2023 |
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1,843,894 |
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1,532,599 |
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Deferred contract costs |
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395,241 |
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218,807 |
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Other |
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185,766 |
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170,907 |
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Total current assets |
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3,696,754 |
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3,435,196 |
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Property and equipment, less accumulated depreciation and amortization $608,860 at June 30, 2024 and $597,473 at December 31, 2023 |
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461,494 |
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479,225 |
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Operating lease right-of-use assets |
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537,114 |
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516,280 |
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Goodwill |
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7,927 |
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7,927 |
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Deferred federal and state income taxes, net |
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69,646 |
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63,690 |
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Other assets, net |
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15,406 |
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21,491 |
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Total assets |
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$ |
4,788,341 |
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$ |
4,523,809 |
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Liabilities: |
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Current Liabilities: |
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Accounts payable |
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$ |
1,073,476 |
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$ |
860,856 |
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Accrued liabilities, primarily salaries and related costs |
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486,989 |
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447,336 |
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Contract liabilities |
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474,507 |
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280,909 |
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Current portion of operating lease liabilities |
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104,042 |
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99,749 |
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Federal, state and foreign income taxes |
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21,904 |
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15,562 |
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Total current liabilities |
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2,160,918 |
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1,704,412 |
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Noncurrent portion of operating lease liabilities |
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448,996 |
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427,984 |
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Shareholders’ Equity: |
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Preferred stock, none issued |
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— |
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— |
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Common stock, par value $0.01 per share. Issued and outstanding: 140,633 shares at June 30, 2024 and 143,866 shares at December 31, 2023 |
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1,406 |
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1,439 |
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Additional paid-in capital |
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7,732 |
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— |
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Retained earnings |
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2,385,740 |
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2,580,968 |
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Accumulated other comprehensive loss |
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(218,457 |
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(192,057 |
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Total shareholders’ equity |
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2,176,421 |
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2,390,350 |
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Noncontrolling interest |
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2,006 |
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1,063 |
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Total equity |
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2,178,427 |
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2,391,413 |
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Total liabilities and equity |
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$ |
4,788,341 |
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$ |
4,523,809 |
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6-August-2024 |
Expeditors International of Washington, Inc. |
Page 4 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Earnings
(In thousands, except per share data)
(Unaudited)
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Three months ended June 30, |
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Six months ended June 30, |
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2024 |
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2023 |
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2024 |
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2023 |
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Revenues: |
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Airfreight services |
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$ |
860,323 |
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$ |
751,171 |
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$ |
1,619,697 |
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$ |
1,656,074 |
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Ocean freight and ocean services |
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651,675 |
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593,801 |
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1,222,461 |
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1,291,108 |
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Customs brokerage and other services |
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927,003 |
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894,780 |
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1,803,521 |
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1,885,159 |
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Total revenues |
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2,439,001 |
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2,239,752 |
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4,645,679 |
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4,832,341 |
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Operating Expenses: |
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Airfreight services |
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645,168 |
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525,027 |
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1,182,759 |
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1,191,049 |
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Ocean freight and ocean services |
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478,121 |
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405,807 |
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892,104 |
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889,489 |
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Customs brokerage and other services |
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516,119 |
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488,349 |
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997,825 |
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1,057,747 |
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Salaries and related |
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426,431 |
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428,558 |
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839,593 |
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878,406 |
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Rent and occupancy |
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59,597 |
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58,205 |
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120,849 |
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115,837 |
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Depreciation and amortization |
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14,979 |
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15,506 |
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30,140 |
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30,767 |
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Selling and promotion |
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7,998 |
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6,314 |
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14,777 |
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12,698 |
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Other |
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66,669 |
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63,489 |
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128,937 |
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131,882 |
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Total operating expenses |
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2,215,082 |
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1,991,255 |
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4,206,984 |
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4,307,875 |
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Operating income |
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223,919 |
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248,497 |
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438,695 |
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524,466 |
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Other Income (Expense): |
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Interest income |
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11,904 |
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17,792 |
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26,782 |
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36,567 |
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Other, net |
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98 |
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(106 |
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3,626 |
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5,728 |
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Other income, net |
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12,002 |
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17,686 |
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30,408 |
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42,295 |
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Earnings before income taxes |
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235,921 |
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266,183 |
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469,103 |
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566,761 |
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Income tax expense |
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60,770 |
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70,390 |
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123,552 |
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|
144,970 |
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Net earnings |
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175,151 |
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|
195,793 |
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345,551 |
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|
421,791 |
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Less net earnings (losses) attributable to the noncontrolling interest |
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(318 |
) |
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(1,007 |
) |
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|
930 |
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(1,020 |
) |
Net earnings attributable to shareholders |
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$ |
175,469 |
|
|
$ |
196,800 |
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$ |
344,621 |
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$ |
422,811 |
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Diluted earnings attributable to shareholders per share |
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$ |
1.24 |
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$ |
1.30 |
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$ |
2.41 |
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$ |
2.75 |
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Basic earnings attributable to shareholders per share |
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$ |
1.24 |
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|
$ |
1.31 |
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$ |
2.43 |
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$ |
2.78 |
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Weighted average diluted shares outstanding |
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141,716 |
|
|
|
151,563 |
|
|
|
142,928 |
|
|
|
153,516 |
|
Weighted average basic shares outstanding |
|
|
141,013 |
|
|
|
150,435 |
|
|
|
142,104 |
|
|
|
152,291 |
|
|
|
|
6-August-2024 |
Expeditors International of Washington, Inc. |
Page 5 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended June 30, |
|
|
Six months ended June 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings |
|
$ |
175,151 |
|
|
$ |
195,793 |
|
|
$ |
345,551 |
|
|
$ |
421,791 |
|
Adjustments to reconcile net earnings to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Provisions for losses (recoveries) on accounts receivable |
|
|
1,644 |
|
|
|
(167 |
) |
|
|
2,038 |
|
|
|
905 |
|
Deferred income tax benefit |
|
|
(6,917 |
) |
|
|
(3,560 |
) |
|
|
(4,623 |
) |
|
|
(1,524 |
) |
Stock compensation expense |
|
|
25,704 |
|
|
|
18,595 |
|
|
|
38,076 |
|
|
|
31,083 |
|
Depreciation and amortization |
|
|
14,979 |
|
|
|
15,506 |
|
|
|
30,140 |
|
|
|
30,767 |
|
Other, net |
|
|
1,885 |
|
|
|
2,564 |
|
|
|
3,870 |
|
|
|
3,723 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
(Increase) decrease in accounts receivable |
|
|
(286,085 |
) |
|
|
174,321 |
|
|
|
(346,627 |
) |
|
|
682,927 |
|
Increase (decrease) in accounts payable and accrued liabilities |
|
|
211,692 |
|
|
|
(149,986 |
) |
|
|
295,283 |
|
|
|
(352,909 |
) |
(Decrease) increase in deferred contract costs |
|
|
(122,258 |
) |
|
|
18,166 |
|
|
|
(186,320 |
) |
|
|
85,787 |
|
Increase (decrease) in contract liabilities |
|
|
135,067 |
|
|
|
(23,803 |
) |
|
|
204,375 |
|
|
|
(108,250 |
) |
Decrease in income taxes payable, net |
|
|
(29,854 |
) |
|
|
(93,817 |
) |
|
|
(7,168 |
) |
|
|
(93,726 |
) |
Increase in other, net |
|
|
5,761 |
|
|
|
4,834 |
|
|
|
9,078 |
|
|
|
4,284 |
|
Net cash from operating activities |
|
|
126,769 |
|
|
|
158,446 |
|
|
|
383,673 |
|
|
|
704,858 |
|
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(7,943 |
) |
|
|
(10,481 |
) |
|
|
(18,124 |
) |
|
|
(20,607 |
) |
Other, net |
|
|
66 |
|
|
|
(794 |
) |
|
|
163 |
|
|
|
(219 |
) |
Net cash from investing activities |
|
|
(7,877 |
) |
|
|
(11,275 |
) |
|
|
(17,961 |
) |
|
|
(20,826 |
) |
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds (payments) on borrowings on lines of credit, net |
|
|
1,259 |
|
|
|
1,311 |
|
|
|
(15,983 |
) |
|
|
(13,596 |
) |
Proceeds from issuance of common stock |
|
|
6,449 |
|
|
|
9,176 |
|
|
|
14,478 |
|
|
|
18,464 |
|
Repurchases of common stock |
|
|
(102,300 |
) |
|
|
(687,689 |
) |
|
|
(462,824 |
) |
|
|
(901,191 |
) |
Dividends paid |
|
|
(102,638 |
) |
|
|
(102,263 |
) |
|
|
(102,638 |
) |
|
|
(102,263 |
) |
Payments for taxes related to net share settlement of equity awards |
|
|
(10,163 |
) |
|
|
(12,056 |
) |
|
|
(15,348 |
) |
|
|
(19,501 |
) |
Net cash from financing activities |
|
|
(207,393 |
) |
|
|
(791,521 |
) |
|
|
(582,315 |
) |
|
|
(1,018,087 |
) |
Effect of exchange rate changes on cash and cash equivalents |
|
|
(10,102 |
) |
|
|
(7,857 |
) |
|
|
(24,427 |
) |
|
|
(1,489 |
) |
Change in cash and cash equivalents |
|
|
(98,603 |
) |
|
|
(652,207 |
) |
|
|
(241,030 |
) |
|
|
(335,544 |
) |
Cash and cash equivalents at beginning of period |
|
|
1,370,456 |
|
|
|
2,350,794 |
|
|
|
1,512,883 |
|
|
|
2,034,131 |
|
Cash and cash equivalents at end of period |
|
$ |
1,271,853 |
|
|
$ |
1,698,587 |
|
|
$ |
1,271,853 |
|
|
$ |
1,698,587 |
|
Taxes Paid: |
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes |
|
$ |
96,739 |
|
|
$ |
173,670 |
|
|
$ |
133,603 |
|
|
$ |
244,456 |
|
|
|
|
6-August-2024 |
Expeditors International of Washington, Inc. |
Page 6 of 7 |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
AND SUBSIDIARIES
Business Segment Information
(In thousands)
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES |
|
|
OTHER NORTH AMERICA |
|
|
LATIN AMERICA |
|
|
NORTH ASIA |
|
|
SOUTH ASIA |
|
|
EUROPE |
|
|
MIDDLE EAST, AFRICA AND INDIA |
|
|
ELIMI- NATIONS |
|
|
CONSOLI- DATED |
|
For the three months ended June 30, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
779,170 |
|
|
|
110,723 |
|
|
|
45,314 |
|
|
|
637,351 |
|
|
|
287,943 |
|
|
|
409,455 |
|
|
|
170,349 |
|
|
|
(1,304 |
) |
|
|
2,439,001 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
423,102 |
|
|
|
65,374 |
|
|
|
24,640 |
|
|
|
512,146 |
|
|
|
223,238 |
|
|
|
262,451 |
|
|
|
128,949 |
|
|
|
(492 |
) |
|
|
1,639,408 |
|
Salaries and other operating expenses2 |
|
$ |
263,675 |
|
|
|
34,339 |
|
|
|
14,551 |
|
|
|
70,762 |
|
|
|
43,084 |
|
|
|
119,713 |
|
|
|
30,352 |
|
|
|
(802 |
) |
|
|
575,674 |
|
Operating income |
|
$ |
92,393 |
|
|
|
11,010 |
|
|
|
6,123 |
|
|
|
54,443 |
|
|
|
21,621 |
|
|
|
27,291 |
|
|
|
11,048 |
|
|
|
(10 |
) |
|
|
223,919 |
|
Identifiable assets at period end |
|
$ |
2,566,053 |
|
|
|
173,764 |
|
|
|
93,967 |
|
|
|
626,892 |
|
|
|
336,598 |
|
|
|
738,068 |
|
|
|
284,672 |
|
|
|
(31,673 |
) |
|
|
4,788,341 |
|
Capital expenditures |
|
$ |
2,948 |
|
|
|
575 |
|
|
|
129 |
|
|
|
355 |
|
|
|
1,955 |
|
|
|
1,094 |
|
|
|
887 |
|
|
|
— |
|
|
|
7,943 |
|
Equity |
|
$ |
1,546,936 |
|
|
|
32,700 |
|
|
|
41,135 |
|
|
|
163,913 |
|
|
|
129,886 |
|
|
|
151,165 |
|
|
|
153,155 |
|
|
|
(40,463 |
) |
|
|
2,178,427 |
|
For the three months ended June 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
805,948 |
|
|
|
110,255 |
|
|
|
49,972 |
|
|
|
510,027 |
|
|
|
199,868 |
|
|
|
440,916 |
|
|
|
123,972 |
|
|
|
(1,206 |
) |
|
|
2,239,752 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
426,121 |
|
|
|
69,108 |
|
|
|
29,428 |
|
|
|
387,973 |
|
|
|
134,477 |
|
|
|
288,808 |
|
|
|
83,890 |
|
|
|
(623 |
) |
|
|
1,419,182 |
|
Salaries and other operating expenses2 |
|
$ |
256,277 |
|
|
|
34,793 |
|
|
|
16,265 |
|
|
|
68,290 |
|
|
|
44,048 |
|
|
|
125,196 |
|
|
|
27,820 |
|
|
|
(616 |
) |
|
|
572,073 |
|
Operating income |
|
$ |
123,550 |
|
|
|
6,354 |
|
|
|
4,279 |
|
|
|
53,764 |
|
|
|
21,343 |
|
|
|
26,912 |
|
|
|
12,262 |
|
|
|
33 |
|
|
|
248,497 |
|
Identifiable assets at period end |
|
$ |
2,553,553 |
|
|
|
192,362 |
|
|
|
115,458 |
|
|
|
495,229 |
|
|
|
213,026 |
|
|
|
748,449 |
|
|
|
258,849 |
|
|
|
(12,886 |
) |
|
|
4,564,040 |
|
Capital expenditures |
|
$ |
6,623 |
|
|
|
161 |
|
|
|
46 |
|
|
|
352 |
|
|
|
168 |
|
|
|
2,336 |
|
|
|
795 |
|
|
|
— |
|
|
|
10,481 |
|
Equity |
|
$ |
1,873,220 |
|
|
|
45,252 |
|
|
|
59,289 |
|
|
|
220,638 |
|
|
|
93,476 |
|
|
|
146,174 |
|
|
|
158,133 |
|
|
|
(38,078 |
) |
|
|
2,558,104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNITED STATES |
|
|
OTHER NORTH AMERICA |
|
|
LATIN AMERICA |
|
|
NORTH ASIA |
|
|
SOUTH ASIA |
|
|
EUROPE |
|
|
MIDDLE EAST, AFRICA AND INDIA |
|
|
ELIMI- NATIONS |
|
|
CONSOLI- DATED |
|
For the six months ended June 30, 2024: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
1,530,713 |
|
|
|
217,573 |
|
|
|
89,806 |
|
|
|
1,182,292 |
|
|
|
515,662 |
|
|
|
807,772 |
|
|
|
304,455 |
|
|
|
(2,594 |
) |
|
|
4,645,679 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
827,051 |
|
|
|
132,084 |
|
|
|
49,104 |
|
|
|
938,620 |
|
|
|
387,262 |
|
|
|
516,970 |
|
|
|
222,741 |
|
|
|
(1,144 |
) |
|
|
3,072,688 |
|
Salaries and other operating expenses2 |
|
$ |
519,383 |
|
|
|
67,423 |
|
|
|
31,315 |
|
|
|
138,022 |
|
|
|
83,996 |
|
|
|
236,801 |
|
|
|
58,816 |
|
|
|
(1,460 |
) |
|
|
1,134,296 |
|
Operating income |
|
$ |
184,279 |
|
|
|
18,066 |
|
|
|
9,387 |
|
|
|
105,650 |
|
|
|
44,404 |
|
|
|
54,001 |
|
|
|
22,898 |
|
|
|
10 |
|
|
|
438,695 |
|
Identifiable assets at period end |
|
$ |
2,566,053 |
|
|
|
173,764 |
|
|
|
93,967 |
|
|
|
626,892 |
|
|
|
336,598 |
|
|
|
738,068 |
|
|
|
284,672 |
|
|
|
(31,673 |
) |
|
|
4,788,341 |
|
Capital expenditures |
|
$ |
8,476 |
|
|
|
1,974 |
|
|
|
282 |
|
|
|
637 |
|
|
|
2,099 |
|
|
|
3,312 |
|
|
|
1,344 |
|
|
|
— |
|
|
|
18,124 |
|
Equity |
|
$ |
1,546,936 |
|
|
|
32,700 |
|
|
|
41,135 |
|
|
|
163,913 |
|
|
|
129,886 |
|
|
|
151,165 |
|
|
|
153,155 |
|
|
|
(40,463 |
) |
|
|
2,178,427 |
|
For the six months ended June 30, 2023: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
1,751,442 |
|
|
|
220,105 |
|
|
|
104,667 |
|
|
|
1,092,448 |
|
|
|
423,995 |
|
|
|
975,380 |
|
|
|
266,675 |
|
|
|
(2,371 |
) |
|
|
4,832,341 |
|
Directly related cost of transportation and other expenses1 |
|
$ |
966,078 |
|
|
|
138,313 |
|
|
|
61,730 |
|
|
|
840,315 |
|
|
|
292,100 |
|
|
|
661,068 |
|
|
|
179,839 |
|
|
|
(1,159 |
) |
|
|
3,138,284 |
|
Salaries and other operating expenses2 |
|
$ |
523,960 |
|
|
|
70,617 |
|
|
|
35,767 |
|
|
|
139,430 |
|
|
|
90,846 |
|
|
|
252,568 |
|
|
|
57,652 |
|
|
|
(1,249 |
) |
|
|
1,169,591 |
|
Operating income |
|
$ |
261,404 |
|
|
|
11,175 |
|
|
|
7,170 |
|
|
|
112,703 |
|
|
|
41,049 |
|
|
|
61,744 |
|
|
|
29,184 |
|
|
|
37 |
|
|
|
524,466 |
|
Identifiable assets at period end |
|
$ |
2,553,553 |
|
|
|
192,362 |
|
|
|
115,458 |
|
|
|
495,229 |
|
|
|
213,026 |
|
|
|
748,449 |
|
|
|
258,849 |
|
|
|
(12,886 |
) |
|
|
4,564,040 |
|
Capital expenditures |
|
$ |
12,067 |
|
|
|
630 |
|
|
|
276 |
|
|
|
942 |
|
|
|
335 |
|
|
|
5,319 |
|
|
|
1,038 |
|
|
|
— |
|
|
|
20,607 |
|
Equity |
|
$ |
1,873,220 |
|
|
|
45,252 |
|
|
|
59,289 |
|
|
|
220,638 |
|
|
|
93,476 |
|
|
|
146,174 |
|
|
|
158,133 |
|
|
|
(38,078 |
) |
|
|
2,558,104 |
|
1 Directly related cost of transportation and other expenses totals Operating Expenses from Airfreight services, Ocean freight and ocean services and Customs brokerage and other services as shown in the Condensed Consolidated Statements of Earnings.
2 Salaries and other operating expenses totals Salaries and related, Rent and occupancy, Depreciation and amortization, Selling and promotion and Other as shown in the Condensed Consolidated Statements of Earnings.
|
|
|
6-August-2024 |
Expeditors International of Washington, Inc. |
Page 7 of 7 |
v3.24.2.u1
Document And Entity Information
|
Aug. 06, 2024 |
Document Information [Line Items] |
|
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
Aug. 06, 2024
|
Entity Registrant Name |
EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.
|
Entity Central Index Key |
0000746515
|
Entity Emerging Growth Company |
false
|
Entity File Number |
001-41871
|
Entity Incorporation, State or Country Code |
WA
|
Entity Tax Identification Number |
91-1069248
|
Entity Address, Address Line One |
Sterling Plaza 2
|
Entity Address, Address Line Two |
3rd Floor
|
Entity Address, Address Line Three |
3545 Factoria Blvd SE
|
Entity Address, City or Town |
Bellevue
|
Entity Address, State or Province |
WA
|
Entity Address, Postal Zip Code |
98006
|
City Area Code |
206
|
Local Phone Number |
674-3400
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
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Title of 12(b) Security |
Common Stock, par value $0.01 per share
|
Trading Symbol |
EXPD
|
Security Exchange Name |
NYSE
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Former Address [Member] |
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Document Information [Line Items] |
|
Entity Address, Address Line One |
1015 Third Avenue
|
Entity Address, City or Town |
Seattle
|
Entity Address, State or Province |
WA
|
Entity Address, Postal Zip Code |
98104
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Expeditors International... (NYSE:EXPD)
過去 株価チャート
から 8 2024 まで 9 2024
Expeditors International... (NYSE:EXPD)
過去 株価チャート
から 9 2023 まで 9 2024